If you face financial emergencies, MayPera online loan can help you!
With over 1 million users, there is no doubt why MayPera online loan is one of the trusted online cash loans in the Philippines.
Based on the SEC’s list of registered loan apps in the Philippines, Lucky Shell Fintech Lending, Inc. owned MayPera.
MayPera legally operates in the Philippines under SEC Registration Number CS201912995.
MayPera offers quick cash loans to Filipinos which is very helpful during emergencies.
MayPera Online Peso Cash Loan is an unsecured loan; hence you are not required to present any collateral. Moreover, the application process and loan disbursements have been streamlined to ensure you quickly get the needed cash.
To apply for a MayPera online loan, you need to present a valid ID and provide proof of employment.
What is a MayPera Online Loan?
The MayPera online loan, technically called the MayPera Online Peso Cash Loan, is an unsecured, quick cash loan product available on the MayPera app.
Based on the MayPera app, MayPera can provide up to ₱100,000 loanable amount to qualified borrowers. But honestly, that’s not true. No one can get approved for a ₱100,000 loan through a quick cash loan. Better not get lured into this ‘gasgas’ loan strategy!
Also, you can see on the MayPera app that it offers flexible terms from 120-180 days. At first glance, it may be a bluff. But it’s actually true!
Unlike most online loan apps in the Philippines, MayPera really offers flexible loan repayment terms of up to 180 days (in two paying schedules).
But of course, if you’re a new borrower, you will receive a shorter loan term offer. As you build a good credit record, you will be offered a more flexible loan term (up to 180 days), and the loanable amount will also increase.
What is the MayPera Online Peso Cash Loan Interest Rate?
MayPera did not disclose MayPera Online Peso Cash Loan’s interest rate as it may differ with the loan amount granted and the term. However, most MayPera borrowers reported paying a 0.04% daily interest rate for their MayPera loans.
MayPera Online Peso Cash Loan Credit Limit
Based on the MayPera app, the maximum loanable amount of a MayPera online loan is ₱100,000. However, again, this is not true!
The credit limit that will be offered to borrowers is subjective and will depend on the result of the loan application evaluation.
Considering that they still lack credit records, first-time borrowers usually get a lower credit limit—around ₱1,000- ₱1,500. Repeat borrowers may get a higher credit limit, but again, it will depend on MayPera’s evaluation of the requirements and credentials submitted on the app.
MayPera Peso Cash Loan Requirements
- Legal age (at least 18 years old)
- Smartphone
- MayPera app (available both on Google Play and App Store)
- 1 valid ID
IDs accepted are the following:
- Driver’s license
- SSS ID
- TIN
- National ID
- Passport
*other government-released primary valid IDs
MayPera Peso Cash Loan Application Process
- Download and install the MayPera app
- Open the app
- Read the Permission Disclosure, click ‘Agree’
- Read the Privacy Policy clause, click ‘Agree’
- Click ‘Borrow Immediately’
- Login via your active mobile number
- Input your personal information, including residential province, residential municipality, detailed address, residence length, marital status, education, religion, e-mail, and Facebook account, and click ‘Submit’
- Next, you need to include at least two contact references. Note that the MayPera app only accepts contact references from your phone list. Also, ensure you input the ‘real’ names of the people you proposed as your emergency contact references; otherwise, it may affect loan approval
- After providing the details of your two contact references, click ‘Submit’
- The next page will redirect to the job information page. You just have to include essential employment details, including company name, employer’s phone number, payday, monthly income, and working tenure. Then, click ‘Submit’
- The next step is ‘Identity Verification.’ Under this step, you need to input your first name, middle name (if applicable), last name, gender, birthday, ID type (choose any of the following: driver’s license, TIN, SSS ID, passport, national ID, and other primary valid IDs), and ID No., then click ‘Submit.’
- The next step is the ‘Receiving Account,’ where you must specify the mode to receive the loan proceeds. You can receive the proceeds through your bank account or via GCash; click ‘Submit’
- At this step, you will see the actual loanable amount offered to you. If you are a new borrower, expect a credit line from ₱1,000- ₱2,000. Don’t worry; the loan offer will eventually increase as you build a good credit record. Aside from the loanable amount, you will also see other important details such as cash-out account, funds received, and loan terms. MayaPera offers loan terms from 120- 180 days. Click ‘Borrow Immediately’
- Your loan application will now be evaluated. Within five minutes, you will know whether your application has been approved or rejected. Unlike other loan apps, you can reapply as many as you want in the MayPera app. But it’s recommended that you follow the timeframe MayPera will suggest for your next application attempt. Also, check the reason/s why your application got rejected
Again, not all MayPera online loan applications are approved. Especially if you’re a first-time borrower, the chance of your loan getting rejected is high. Why? Because you have yet to establish a reputable credit record.
How Long Is MayPera Loan Application Result?
On average, five minutes is enough to evaluate your loan application. A new tab will notify you whether your application is approved or denied. If your application is rejected, you will see the reasons and get suggestions as to when the best time to reapply is.
MayPera Fees and Charges
One of the loopholes of the MayPera Peso Loan is that you will never see information on charges and fees collected from you. But MayPera indeed collects some fees and charges, but they are only hidden!
Yes, at the close of your loan application, you will see the maximum credit line, mode of disbursement, and term, but the app will keep you blind to the fees and charges MayPera collects from borrowers. This is something you need to think about before applying for a MayPera online loan.
MayPera Pros and Cons
Pros
- Only 1 valid ID is required
- 100% online application
- No deduction on the applied loan amount
- No collateral
- MayPera app is available both in Google Play and App Store
- Flexible loan terms- up to 180 days (two schedules)
- GCash and bank disbursements
- Quick loan application evaluation
- Instant loan disbursement
- Reapplication is allowed
Cons
- Collects too much personal information
- Lengthy application process
- Access information saved in your mobile phone, including camera, files, contact list, and location
- Hidden fees and charges
Takeaway
MayPera Online Peso Cash Loan is not a perfect online loan product, but it greatly helps! Especially when the Filipino masses face financial emergencies, MayPera is a sure ally.
Of course, the MayPera online loan has some setbacks, but sometimes, we can let them pass. What’s more important is that we can survive during emergencies. So, if you are financially struggling right now, grab your phone. Who knows, the MayPera Peso Cash Loan may be the relief you’ve longed for!